One of the greatest investments you can ever make in your life is towards your own long term health. But why do we feel so guilty about spending money on ourselves? Especially when money is tight, spending money on things you know are beneficial to your health (quality food, gym membership, massage, date nights etc.) all of a sudden become “non-essential.” For any of you out there that consider yourself “givers” you know that it’s easy for you to forget about yourself and give you time and energy to others, sometimes to a fault. This can only last so long before burnout or sickness appear.
There’s not a one size fits all “essentials” list of expenses that relate to your health but once you find what’s right for you (possibly another blog post!) you need to own it, and invest in it. You cannot help others, unless you help yourself first.
So assuming you already have your list of 3-5 health related expenses you know you need in order to be your healthiest self, how can you afford them?
Here are my top tips that will find you enough money that you can invest it towards your health:
1. Begin with a Budget
Developing a budgeting habit is as foundational as “Warming Up” for the WOD. First, seeing where your money is going gives you the power to see what needs to change. Don’t be afraid to look at that bank statement! If you notice that “Insert Your Favorite Food Delivery App” or “Reebok” is hogging your paycheck then budgeting will give you a much better recipe to follow. Here’s where you get curious and investigate what’s important to you and how your expenses stack up in relation to each other. What percentage of your paycheck should go where? Next, set some simple limits for yourself like getting only “1 Delivery Meal” per week instead of 5 or even 1 pair of Nano’s a quarter as opposed to every month. Everyones plan will look different, but there is always room for improvement in how we spend our money. The knowledge a budget gives you is the key to help you make money-wise decisions. To make sure you’re consistently evaluating your progress I suggest picking one day a week (Thursday for example) to check in with how your spending is matching up to your budget goals.
2. Pay Yourself First
Now that you’re budgeting regularly, start seeing who ends up with your money at the end of the day. Is it you? Or someone else? If you see your hard earned paycheck being blown at the bar on a Friday night then you’re not investing in yourself. If you buy another throw pillow for you couch or a cheap toy for your kid then you’re not investing in yourself. Really investigate where your money is going and if there’s room to make adjustments that serve your health and wellness. Start by budgeting 10% of your paycheck as a starting point. As always, remember to re-evaluate this percentage but the hope is that you never dip below this, no matter what. Being consistent in “paying yourself first” is an amazing habit that will lead you to not only financial freedom but closer to health & fitness goals.
3. Automate Everything
One of the best ways to ensure you’re “paying yourself first” is by setting up automatic transfers and deposits to save towards your goals. This gets rid of the number one barrier people identify as why they don’t have a financial plan – time. It is very easy to get distracted, forget to transfer money into our savings or purchase items very quickly from funds we meant to set aside. Our technology has advanced so much that we can purchase things with just one click. The advancement of our technology we don’t take advantage of is pre setting automations to save money. Take 15-20 minutes to set some automations to save money towards your health.
By incorporating these little tips you can accomplish saving money towards your health and wellness with very little effort. It does take some practice, just like perfecting your squat form. However, practiced regularly you’ll be able to invest in yourself with ease.
For more health and financial saving tips shoot us an email at firstname.lastname@example.org and make sure to direct it to Coach James, Financial Advisor. Keep Investing in yourself.
Health is Wealth